EX-12.1 3 a2218395zex-12_1.htm EX-12.1
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Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

December 31 (millions of dollars)		2013^(a)		2012^(a)		2011^(a)	2010^(a)	2009^(a)^(b)

Earnings
	Net income before adjustment for income from equity investees	124		130		115	74	67
	Fixed charges	44		41		50	51	51
	Distributed income of equity investees	67		99		135	126	99
	Non-controlling interests of subsidiaries that have not incurred fixed charges	(14	)	(13	)	–	–	–

Total Earnings		221		257		300	251	217
Fixed Charges
	Interest expensed and capitalized	43		40		48	50	51
	Amortization of other assets	1		1		2	1	–

Total Fixed Charges		44		41		50	51	51
Ratio of Earnings/Fixed Charges		5.02x		6.27x		6.00x	4.92x	4.26x

^(a): An additional 45 percent membership interests in each of GTN and Bison were acquired from subsidiaries of TransCanada in 2013 resulting in a 70 percent ownership in each. As a result, the acquisition was accounted for as a transaction between entities under common control, similar to a pooling of interests, whereby the assets and liabilities of GTN and Bison were recorded at TransCanada's carrying value and the Partnership's historical financial information was recast to consolidate GTN and Bison for all periods presented.
^(b): The acquisition of North Baja in 2009 was accounted for as a transaction between entities under common control using a method whereby the assets and liabilities of the acquired entities are recorded at TransCanada's carrying value and the Partnership's historical financial information was recast to include North Baja for all periods presented. The ratios presented reflect the recast historical financial information.